Singapore’s state investment agency Temasek Holdings kicked off a busy week with a $1.7 billion dual-tranche bond offering aimed at establishing a pricing benchmark in the public markets. It was the first triple-A paper out of Asia since Hong Kong's MTRC priced a $300 million bond in March Temasek is rated AAA by Standard Poor’s and Aaa by Moody’s.
The $1.2 billion 10-and-a-half-year tranche priced at Treasuries plus 100bp and the $500 million 30-year tranche priced at Treasuries plus 95bp, about 5bp and 10bp, respectively, inside the initial guidance of Treasuries plus 105bp for both tranches.
Temasek’s bonds performed well in secondary markets, with the 2023s tightening...
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